Martin Greweldinger, Avaloq's other co-CEO, will now serve as the group's only CEO, the company has stated.

According to the company with its headquarters in Zurich, Beck will assist Greweldinger during the transition in a senior adviser role.

After former CEO Juerg Hunziker left the firm in April 2021, the two assumed joint leadership of the company. Greweldinger served as the fintech's chief product officer (CPO) and Beck as the chief technology officer (CTO) of Avaloq prior to their promotions.

Since joining the company in 2012, Beck has been a key contributor to Avaloq's "strategy, international expansion, and innovation activities."

Beck's announcement of his retirement follows Avaloq's recent announcement of many collaborations with international financial institutions for its banking technology. The Philippines-based Security Bank announced just two months ago that it will be digitising its wealth management activities through a collaboration with Avaloq.